Unemployment is down and wage growth is higher than inflation, according to the latest data released by Statistics NZ today.
In the last quarter, unemployment dropped to four per cent from 4.1 per cent in September.
Meanwhile, average hourly wages have grown by 3.6 per cent to $32.76, with 61 per cent of wages showing a pay increase over last year.
The wage growth has been partly attributed to pay boosts in the public sector, with nurses, police and teachers all getting pay settlements.
"This is the highest percentage of wages that have seen increases since September 2008," business prices delivery manager Bryan Downes said today.
Overall wage growth of 2.6 per cent is the highest rate since June 2009, Statistics NZ says.
Inflation is currently at 1.9 per cent.
"We have seen wages grow more quickly than the cost of living, meaning that more New Zealanders are getting ahead and benefitting from a growing economy," Finance Minister Grant Robertson says.
The official cash rate is at 1 per cent.
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